BankAtlantic Bancorp (BBX) and chief executive Alan Levan asked a court to dismiss a Securities and Exchange Commission lawsuit over allegedly fraudulent operations, according to the South Florida Business Journal.

The bank, involved in sale talks with BB&T (BBT), and Levan filed the motion Monday. The SEC said in its January suit that the company and Levan hid the "deteriorating state" of portions of its land acquisition and development business in 2007, and then tried to minimize losses on its books.

The dismissal filing continues a busy period for BankAtlantic, which announced a restructured deal to move its consumer business to BB&T last week after a judge blocked an initial agreement.

Read more at the South Florida Business Journal.